The long-vacant Tower Residences of Previous Metairie are heading again to the public sale block Sept. 22 with a beginning bid of $10 million, after a deliberate luxurious makeover for the storm-damaged property fell by way of.

Initially inbuilt 1973, the 219-unit towers principally housed senior residents till Hurricane Ida prompted extreme injury in 2021. They’ve remained vacant ever since.

Darren Aschaffenburg bought the seven-story advanced at 401 Metairie Highway in October 2023 for $24.5 million, envisioning a sweeping renovation into lower-density luxurious condominiums with an added penthouse flooring, resort-style pool and state-of-the-art facilities.

He secured architectural plans, authorities approvals and even early down funds from consumers, aiming for a fall 2026 debut.

However financing stalled and a mortgage deadline loomed. The seasoned developer introduced in July that the property can be put up at public sale in late August, however pulled the itemizing after curiosity from traders.

“There have been just a few teams that approached me about partnering. However ultimately we couldn’t agree on phrases,” Aschaffenburg stated. “I’ve now determined to proceed with the sale.”

The property — gutted and “shovel prepared,” with permits, variances and engineering work full — is now in a web-based public sale on LoopNet. It started at 11 a.m. Sept. 22 and closes the morning of Sept. 24. The profitable bidder should put down 10 p.c and shut inside 30 days. The itemizing has gotten greater than 2.1 million views.

“We’ve added tens of tens of millions of {dollars} in worth by way of particular authorities approvals, gutted the inside making a clear improvement slate, constructed out an workplace/lounge and even probably arrange challenge financing. Briefly, now we have completed all of the heavy lifting, saving the customer appreciable time, expense and energy,” Aschaffenburg stated. “The challenge is actually ‘shovel prepared’ with all plans, permits, variances, engineering, studies, budgets, designs and authorities approvals. I’ve set it up for another person to step up and knock it out of the park.”